You and others in the far right minority, are the only ones talking about reducing government, and fortunately none of the far right candidates won. All the rest of us care about is reducing the deficit. making life better for people, and improving the economy.
Nevertheless, our allowing the creation of banks too big to fail through GLB was a big factor in our increased debt. Without the firewall between investment banks and commercial banks, both parties realized that we were now trapped in the position of having to bailout investment banks to prevent a collapse of the world financial market.
Not too surprising that: "Sanford Weill , the 'one-time poster boy' for creating bank supermarkets (as noted by former FDIC Chairperson Sheila Bair), was conveying during his interview. He essentially called for the return of the Glass-Steagall Act of 1932, which imposed banking reforms that split banks from other financial institutions such as insurance companies. The conversation revolved around the repeal of the Act, which prohibited commercial banks from acting like investment banks, by taking on much greater risk. Although there are those who will dispute it, there is little doubt that this drastic climate change in contributed to the financial meltdowns of recent years."
Glass-Steagall: Why We Shouldn't Fix Things That Aren't Broken - Seeking Alpha
